Floating Rate. If the Borrower shall not have notified the Loan Participants of its request, pursuant to (A) the Notice of Borrowing or (B) the Fixed Rate Notice in accordance with paragraph (ii) below, to have the Loan bear interest at a fixed rate, then the Applicable Rate for the Loan and related Loan Certificates shall be, for each Interest Period, the Floating Rate for such Interest Period. Interest on each Loan payable by reference to the Floating Rate shall be payable quarterly in arrears on each Interest Payment Date and shall be calculated on the basis of a year of 360 days and actual number of days elapsed.
Appears in 2 contracts
Sources: Facility Agreement (Hawaiian Holdings Inc), Facility Agreement (Hawaiian Holdings Inc)